– The text highlights the importance of investing in data and insights about customers to improve overall business performance.
– It suggests that people are more inclined to spend money on the hope of quick wins and instant gratification, rather than on slow and steady growth.
– The text questions whether it would be more effective to cater to people’s desire for quick wins and offer tools that help them make money, rather than focusing solely on strategic guidance.Allocate budget to focus on improving the customer journey and analyzing data to drive better results and increase return on ad spend.Spend $5,000 a month to get more data about your customers, complete with insights and consulting on how to improve your overall business. I need to see if we can allocate budget. Spend $5,000 on ad spend that returns less than the money you spent? No problem, we’ll do better next time. E-commerce is warped. People love to gamble. They love the idea of hitting it big. They want that quick win that goes bananas and will chase it at all costs, just on the outside chance that things align. Boring, repeatable strategic fundamentals with a structure to improve over time by paying attention to signals and building a repeatable business… ain’t no one got time for that. It’s the same thing with paying $1 for an app on the App Store vs debating the difference between a $14 cocktail and a $16 one. Perceived value and instant gratification or the spend on the hope of something magical happening is rooted deep in the human psyche. People love the lottery. They love dreaming about striking it rich. We just don’t have faith in spending money to slowly grow. It’s never going to be enough for us. Overnight success is a lie. Yet it’s a lie we continue to chase. It makes me question if it would be better to just cater to people’s desire to grow by offering the potential of quick wins over strategic guidance. In fact, we started doing this in our software, highlighting quick wins. They are so effective that they pay for our software in less than four very small segmented emails. Maybe we are headed in a direction where brands just want tools that tell them how to make money. We provide strategy for email marketers now, we already provide strategy for media buyers, now I guess it’s time to highlight the actions people can take to make more money. But at the end of the day, until we can start looking at the complete customer journey to provide better results across all touchpoints, the return on ad spend is only going to decrease with the amount of extra work around creating the ads. Our test brand updates its creative every three months and still does really well, so thinking that it might not be the creative that’s driving success but the rest of our customer journey when all our cold traffic converts between 1.5-3%, which is higher than what a lot of stores’ overall traffic converts at. But hey, keep spending that money on ads instead of focusing on the customer journey in earnest, you just might hit the lottery .#marketing #advertising #datahttps://www.linkedin.com/in/jivanco